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Notes contents
Notes to the consolidated financial statements
Notes to the consolidated financial statements
As of December 31, 2008, 2007 and 2006
17.Investment in associates
As at December 31, 2008 and 2007 the principal associates are Navega.com S.A., which is unlisted, and Metrored S.A., which is a subsidiary of Navega.com S.A.
Navega.com S.A. is 45% owned by Millicom's joint venture in Guatemala of which Millicom holds 55.0% (see note 8). Metrored S.A. is 51% owned by Navega.com S.A. and 49% owned by Millicom's joint venture in Honduras of which Millicom holds 66.7% (see note 8). The following table provides summarised financial information of the Group's investment in associates:
| 2008 | 2007 | |
| US$ '000 | US$ '000 | |
| Opening balance (i) | 11,234 | 6,838 |
| Share of profit (i),(ii) | 8,706 | 4,400 |
| Acquisitions (iii) | 1,153 | – |
| Exchange rate movements | (6) | (4) |
| Closing balance (i) | 21,087 | 11,234 |
- (i)All amounts relate to the Central America segment.
- (i)Share of profit is after taxes and minority interest of associates.
- (i)As part of the acquisition of Amnet (see note 4)
The Group's share of revenues and net profits of its principal associate and its share of the assets and liabilities are as follows:
| Name | Country of incorporation | Assets | Liabilities | Revenues | Profit |
|---|---|---|---|---|---|
| US$ '000 | US$ '000 | US$ '000 | US$ '000 | ||
| 2008 | |||||
| Navega.com S.A and its subsidiaries | Guatemala | 36,471 | 16,531 | 22,365 | 8,706 |
| 2007 | |||||
| Navega.com S.A and its subsidiaries | Guatemala | 27,777 | 16,543 | 15,674 | 4,400 |
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